Bank in Tenn not the only one closing; 7 failures in '12

WASHINGTON (AP) -- Regulators have closed banks in Tennessee, Florida and Minnesota, lifting to seven the number of U.S. bank failures this year following 92 closures in 2011.

The Federal Deposit Insurance Corp. on Friday seized Tennessee Commerce Bank, based in Franklin, Tenn., with $1.2 billion in assets and $1.1 billion in deposits.

It also closed BankEast, based in Knoxville, Tenn., with $272.6 million in assets and $268.8 million in deposits, plus First Guaranty Bank and Trust Co. of Jacksonville, in Jacksonville, Fla., with $377.9 million in assets and $349.5 million in deposits.

And it seized Patriot Bank Minnesota, based in Forest Lake, Minn., with $111.3 million in assets and $108.3 million in deposits.


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